Bull Market Rally Stops, but Steemit Keeps Growing

Steemit (STEEM), the social media platform developed by Dan Larimer, has been the only project that kept growing in value in the last 24 hours, while Bitcoin rolled back to $8,800 range. Some experts speculate, that OKEx decision to stop ERC-20 trading because of hacker attacks might have influenced the markets, essentially starting a downward trend.

DQmUGojp38u9sSMvPhXTqHGC1TqbG9ixDAb6gAKSdRhMuaR

STEEM, however, grew 29% overnight, reaching $4.28. The overall growth this week amounts to impressive 42%, as the project is gaining wider recognition. STEEM trading volumes are increasing too, reaching the levels not seen since January. However, only the dollar price was affected, while BTC prices remained quite stable.

Surprisingly, the surge in STEEM price happens right after a major technical failure, which demonstrated that the platform uses centralized, off-chain database entries, which are converted into digital currency only at a later stage. Despite the fact that the project is still fairly new and unknown, the developers are flooded with membership applications, with registration process taking as long as several weeks.

Leave a Reply